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Military Finances 301: Generational Wealth. Building Your Family's Mission Thumbnail

Military Finances 301: Generational Wealth. Building Your Family's Mission

Estate Planning Managing Your Finances

By Joseph Brown, PhD, CFP®, MQFP®

Hey there, military family! Ever thought about how your service values could shape your family's financial future? Well, buckle up, because we're about to dive into something that could change the game for your family's wealth: creating a family mission statement.

What's a Family Mission Statement, Anyway?

Think of it as your family's own set of marching orders for your money. It's a short document that lays out what your family stands for, what you want to achieve, and how you plan to use your wealth.

Why Should Military Families Care?

Military life throws us some curveballs:

  1. PCS moves every few years? Check.
  2. Deployments shaking up family routines? You bet.
  3. Living far from extended family? Often true.

A family mission statement can be your North Star through all of this, keeping everyone on the same page about your family's financial goals and values.

How to Create Your Family's Mission Statement

Ready to draft your family's financial battle plan? Here's how:

  1. Call a family meeting: Get everyone involved, from the old-timers to the new recruits.
  2. Identify your core values: What principles guide your family? How has military service shaped these?
  3. Set your objectives: What's your family's long-term mission? Funding education? Supporting veteran causes?
  4. Assign roles: Who's responsible for what in achieving these goals?
  5. Address the military stuff: How will you handle benefits like the Survivor Benefit Plan (SBP) and Dependency and Indemnity Compensation (DIC)?
  6. Put pen to paper: Write it down, keep it short and sweet.

Here's an example to get you started:

"The Johnson family, forged in military service, commits to:

  • Educating our troops (aka kids) for future success
  • Having each other's six, in finances and in life
  • Serving our community, especially fellow veterans
  • Managing our resources with the discipline we learned in uniform"

Making Your Mission Statement Work for You

  1. Don’t Set it and Forget it: Review your statement regularly. Things change, and so should your plan.
  2. Know your benefits: Understand programs like SBP and DIC. Did you know the SBP-DIC offset was fully eliminated in 2023? That means surviving spouses now get full payments from both.
  3. Keep your paperwork squared away: Update your will, powers of attorney, and beneficiary designations. Military life changes fast, so should your documents.
  4. Talk it out: Keep the lines of communication open about money, values, and your family legacy. Trust me, it can save a lot of heartache down the road.
  5. Get some backup: Consider working with a financial advisor who knows the ins and outs of military benefits. They can help you align your mission statement with your overall financial strategy.

Military Finances are Different

As a veteran or active service member, your financial landscape is unique. From understanding the intricacies of the SBP and DIC to navigating VA death benefits (including burial allowances, access to veterans' cemeteries, and military funeral honors), your family's financial planning needs are distinct. A well-crafted family wealth mission statement can serve as your North Star, guiding decisions about these benefits and ensuring they align with your family's values and long-term goals.   Ready to create a mission statement that honors your service and secures your family's financial future? We're here to help you navigate these important decisions. Use the button below to schedule a free initial consultation and take the first step towards building a lasting legacy for your military family.

If you found this article useful, you might like the following blog posts:

Retired Military Finances 301: Generational Wealth. Teaching About the 3 Things You Can Do With Money


Retired Military Finances 301: Generational Wealth


Military Finances 101: 5 Myths About Generational Wealth You've Likely Heard


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